Page 22 - 2024-01

________________________________________________________________________________________________________________________________________________________________________________________________

owners and authorized users. Usually, the only way be closed. It could still have a balance on it and have
to remove a secondary account owner is to close the interest and fees charged. Ask for a letter stating it’s
card. closed. Make sure it has a zero balance on it.

If you pay cash at the bank, always keep the receipt And here’s a new one to me. Do not do third party
until you see it posted on your actual account. Even checks any more. If you deposit a third party check
if they’ve never made a mistake before there’s always the bank can let the Early Warning System (EWS)
a first time. know, and you won’t be able to open a checking
account. EWS is like the credit bureaus, but for
If you use your credit card at another bank to pay checking accounts. It used to be so innocent.
for something, it will be used as a debit card and you Someone writes a check to someone else who owes
can get charged like a cash advance, which means you money and you take it. Not anymore. It has
a slightly higher interest rate, plus a fee on top of it. become more nefarious. There’s no way for a bank
Check with the merchant before handing over your to know if the original signer is legit. Have someone
plastic. write you a check directly.

If you have a credit card, the bank keeps an eye on These are some of the foibles I deal with in my
your status through the credit bureaus. If you stretch workday. I hope this helps you avoid some pain.
yourself too thin, they may lower your credit limit
(the amount you are permitted to spend). Or the
bank can close your card if you pose too much of
a risk. They will not tell you ahead of time because
they don’t want you to go on a spending spree first.
You get a letter saying you’re done.

Also, be aware that a closed account may not really

Want to learn more?

Check out the information and resources offered at this governament website

https://www.consumerfinance.gov/consumer-tools/

18 ONE COMMUNITY